The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AG MTG INVT TR INC COM 001228105 541 31,300 SH   DFND 1 31,300 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 580 35,300 SH   DFND 1 35,300 0 0
APOLLO RESIDENTIAL MTG INC COM 03763V102 560 38,100 SH   DFND 1 38,100 0 0
BLACKROCK CORPOR HI YLD FD I COM 09255P107 616 57,000 SH   DFND 1 57,000 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 540 19,400 SH   DFND 1 19,400 0 0
CHIMERA INVT CORP COM NEW 16934Q208 547 39,875 SH   DFND 1 39,875 0 0
ETFS PLATINUM TR SH BEN INT 26922V101 42 400 SH   DFND 1 400 0 0
FIRST TR ENERGY INFRASTRCTR COM 33738C103 2,482 120,470 SH   DFND 1 120,470 0 0
FIRST TR HIGH INCOME L/S FD COM 33738E109 617 39,400 SH   DFND 1 39,400 0 0
GLOBAL X FDS FTSE GREECE 20 37950E366 408 40,500 SH   DFND 1 40,500 0 0
ISHARES MSCI HONG KG ETF 464286871 3,107 137,700 SH   DFND 1,2 137,700 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 10,564 229,150 SH   DFND 1,2 229,150 0 0
ISHARES U.S. PFD STK ETF 464288687 2,464 62,900 SH   DFND 1 62,900 0 0
MFA FINL INC COM 55272X102 570 77,100 SH   DFND 1 77,100 0 0
MARKET VECTORS ETF TR JR GOLD MINERS E 57061R544 1,222 50,600 SH   DFND 1 50,600 0 0
MORGAN STANLEY CHINA A SH FD COM 617468103 22,473 662,522 SH   DFND 1,2 662,522 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 537 35,200 SH   DFND 1 35,200 0 0
PRUDENTIAL GLB SHT DUR HG YL COM 74433A109 626 41,400 SH   DFND 1 41,400 0 0
PRUDENTIAL SHT DURATION HG Y COM 74442F107 627 40,500 SH   DFND 1 40,500 0 0
REACHLOCAL INC COM 75525F104 337 106,692 SH   DFND 1,2 106,692 0 0
RESOURCE CAP CORP COM 76120W302 533 137,678 SH   DFND 1 137,678 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 3,398 30,235 SH   DFND 1 30,235 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 2,451 55,500 SH   DFND 1 55,500 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 4,994 204,800 SH   DFND 1 204,800 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 4,839 89,500 SH   DFND 1 89,500 0 0
STARWOOD PPTY TR INC COM 85571B105 538 24,929 SH   DFND 1 24,929 0 0
TWO HBRS INVT CORP COM 90187B101 557 57,133 SH   DFND 1 57,133 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 4,914 85,900 SH   DFND 1 85,900 0 0
WISDOMTREE TR EUROPE HEDGED EQ 97717X701 5,106 82,900 SH   DFND 1 82,900 0 0
GREENLIGHT CAPITAL RE LTD CLASS A G4095J109 3,618 124,000 SH   DFND 1 124,000 0 0
THIRD PT REINS LTD COM G8827U100 3,678 249,300 SH   DFND 1 249,300 0 0